Finance Act

CHAPTER 2 OF THE ACTS OF 2010

as amended by

2014, c. 34, s. 8

© 2016 Her Majesty the Queen in right of the Province of Nova ScotiaPublished by Authority of the Speaker of the House of Assembly

Halifax

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CHAPTER 2 OF THE ACTS OF 2010amended 2014, c. 34, s. 8

An Act RespectingProvincial Financial Administration

Table of Contents

(The table of contents is not part of the statute

Section

Short title........................................................................................................................................... 1Interpretation..................................................................................................................................... 2

Application and Principles

Effect of designation or authorization............................................................................................... 3Conflict.............................................................................................................................................. 4Responsible fiscal management ........................................................................................................ 5

Organization

Seal.................................................................................................................................................... 6Minister responsible for Act ............................................................................................................. 7Minister may delegate....................................................................................................................... 8Trust fund .......................................................................................................................................... 9Special purpose fund......................................................................................................................... 10Financial management and General Revenue Fund.......................................................................... 11Deputy Minister ................................................................................................................................ 12

Public Money - Receipts, Remissions and Investments

Deposits, expenditures and accounts ................................................................................................ 13Duty of person receiving public money............................................................................................ 14Interest on debt owed to Province..................................................................................................... 15Government Reporting Entity sale of real property.......................................................................... 16Remission of tax, penalty or other debts........................................................................................... 17Source of payment of remissions and reporting................................................................................ 18Investment of moneys of the General Revenue Fund and trust funds .............................................. 19

Control of Public Money

Condition of payment from General Revenue Fund......................................................................... 20Control of issue of money from General Revenue Fund .................................................................. 21Governor in Council may authorize and require payments .............................................................. 22Accountable advance ........................................................................................................................ 23Settlement of claim by or against Province ...................................................................................... 24Guarantee .......................................................................................................................................... 25Payment of expenditure pending appropriation ................................................................................ 26Additional appropriation ................................................................................................................... 27Final appropriation............................................................................................................................ 28Special warrant.................................................................................................................................. 29Suspension of right to commit .......................................................................................................... 30

Borrowing and Liabilities

Authorized only................................................................................................................................. 31Powers of Minister ............................................................................................................................ 32Claim on General Revenue Fund ...................................................................................................... 33Deposit of proceeds........................................................................................................................... 34Annual borrowing plan ..................................................................................................................... 35Term greater than three hundred and sixty-five days........................................................................ 36

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Term three hundred and sixty-five or fewer days .............................................................................. 37Seal not required ................................................................................................................................ 38Minister determines form of securities .............................................................................................. 39Absolute holder of security ............................................................................................................... 40Registration of securities ................................................................................................................... 41Recital by Minister is authority ......................................................................................................... 42Borrowing in foreign currency .......................................................................................................... 43Reduction in foreign currency borrowings ........................................................................................ 44Redemption and purchase of securities ............................................................................................. 45Guarantees ......................................................................................................................................... 46Destruction of Provincial bonds ........................................................................................................ 47Loss of securities ............................................................................................................................... 48Agreements to manage risk ............................................................................................................... 49Sinking funds ..................................................................................................................................... 50Public Debt Management Fund ......................................................................................................... 51Government Reporting Entity............................................................................................................ 52Where loan authorization not required .............................................................................................. 53

Estimates, Public Accounts and Reporting

Estimates............................................................................................................................................ 54Province’s business plan .................................................................................................................... 55Consolidated fiscal plan..................................................................................................................... 56Financial reports on state of public finances ..................................................................................... 57Public Accounts ................................................................................................................................. 58Minister to file Public Accounts ........................................................................................................ 59Accountability report ......................................................................................................................... 60Minister’s discretion .......................................................................................................................... 61

Accounting for Public Money

Accounting system............................................................................................................................. 62Notice and certificate for default ....................................................................................................... 63Affidavit is evidence.......................................................................................................................... 64Set-off by Province of debt ................................................................................................................ 65Ownership of records of public money ............................................................................................. 66Remedy unaffected ............................................................................................................................ 67

Government Reporting Entity

New members .................................................................................................................................... 68

Government Business Enterprises,Governmental Units and Crown Corporations

Reporting requirements ..................................................................................................................... 69Financial management system........................................................................................................... 70Crown corporation status ................................................................................................................... 71Power and capacity ............................................................................................................................ 72Guarantees ......................................................................................................................................... 73Requests to borrow ............................................................................................................................ 74

Agreements

Terms ................................................................................................................................................. 75

Financial Oversight and Control

Prior approval .................................................................................................................................... 76Report and recommendation.............................................................................................................. 77Treasury Board approval ................................................................................................................... 78

General

Construction and maintenance of highways ...................................................................................... 79Student loans...................................................................................................................................... 80Regulations ........................................................................................................................................ 81

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Transitional Provisions

Reference to former Act .................................................................................................................... 82Special fund....................................................................................................................................... 83Reference to Consolidated Fund ....................................................................................................... 84

Consequential Amendments and Repeal

Appropriations Act, 2009 amended................................................................................................... 85Appropriations Act, 2010 amended................................................................................................... 86Auditor General Act amended..................................................................................................... 87-92Community Colleges Act amended............................................................................................. 93-95Crop and Livestock Insurance Act amended..................................................................................... 96Efficiency Corporation Act amended.......................................................................................... 97-98Endangered Species Act amended .................................................................................................... 99Financial Measures (2002) Act amended.......................................................................................... 100Forests Act amended ......................................................................................................................... 101Gaming Control Act amended .................................................................................................... 102-103Halifax-Dartmouth Bridge Commission Act amended ............................................................... 104-105Health Services and Insurance Act amended .................................................................................... 106Highway 104 Western Alignment Act amended ............................................................................... 107Homes for Special Care Act amended .............................................................................................. 108Hospital Trusts Act amended ............................................................................................................ 109Liquor Control Act amended....................................................................................................... 110-115Maritime Provinces Harness Racing Commission Act amended...................................................... 116Members and Public Employees Disclosure Act amended......................................................... 117-118Members’ Retiring Allowances Act amended ............................................................................ 119-131Municipal Finance Corporation Act amended ............................................................................ 132-133Nova Scotia Agricultural College Act amended ......................................................................... 134-135Off-highway Vehicles Act amended.................................................................................................. 136Private Career Colleges Regulation Act amended ...................................................................... 137-138Property Valuation Services Corporation Act amended.................................................................... 139Provincial Parks Act amended .......................................................................................................... 140Public Service Act amended........................................................................................................ 141-145Public Service Superannuation Act amended ............................................................................. 146-154Sydney Steel Corporation Sale Act amended.................................................................................... 155Wildlife Act amended........................................................................................................................ 156Former Act repealed.......................................................................................................................... 157

Effective Date

Coming into Force............................................................................................................................. 158

__________

Short title1 This Act may be cited as the Finance Act. 2010, c. 2, s. 1.

Interpretation2 In this Act,

(a) “appropriated entity” means any entity that receives an appro-priation;

(b) “appropriation” means an authorization under an Appropria-tions Act for an expenditure of money or incurrence of an expense;

(c) “borrowing” means the raising of moneys through the incur-rence of debt by any means, including loans and the issue and sale of deben-tures or other securities;

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(d) “crown corporation” means any body corporate conferredsuch status pursuant to this or any other Act of the Legislature;

(e) “department” means any department, office or other entityestablished under the Public Service Act;

(f) “Department” means the Department of Finance and TreasuryBoard;

(g) “Deputy Minister” means the Deputy Minister of Finance andTreasury Board;

(h) “directors” includes commissioners, governors and other offi-cials of any body corporate with comparable responsibilities;

(i) “Estimates” means the estimates of prospective revenues,expenses and capital expenditures for a fiscal year submitted to the House ofAssembly in accordance with its Rules and Forms of Procedure;

(j) “financial transaction” means a contractual arrangementbetween a member of the Government Reporting Entity and a third party thatestablishes a payment obligation by the member in exchange for goods, ser-vices or tangible capital assets;

(k) “fiscal year” means the period from and including the first dayof April in one year to and including the thirty-first day of March in the nextyear, unless otherwise prescribed by the Minister;

(l) “foreign currency exposure” means the proportion of foreign-currency denominated public debt and Canadian-denominated public debtconverted to a foreign currency expressed relative to the public debt;

(m) “former Act” means Chapter 365 of the Revised Statutes,1989, the Provincial Finance Act;

(n) “General Revenue Fund” means the aggregate of all publicmoney that is on deposit to the credit of the Minister;

(o) “government business enterprises” mean those entities catego-rized as government business enterprises from time to time by the Ministerand set out annually in the consolidated financial statements of the Province;

(p) “government partnership arrangements” mean those entitiescategorized as government partnership arrangements from time to time bythe Minister and set out annually in the consolidated financial statements ofthe Province;

(q) “Government Reporting Entity” means the aggregate of allorganizations that are part of or controlled, for accounting purposes, by theProvince and includes departments, governmental units, government busi-ness enterprises, government partnership arrangements and crown corpora-tions and, for greater certainty, does not include a university to which theUniversities Assistance Act applies;

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(r) “governmental units” mean those entities categorized as gov-ernment units from time to time by the Minister and set out annually in theconsolidated financial statements of the Province;

(s) “Minister” means the Minister of Finance and TreasuryBoard;

(t) “net debt obligation” means

(i) a liability that increases the net debt of the Province,including a borrowing, a capital lease, a contractual obligation toacquire a tangible capital asset and a payroll rebate, or

(ii) a contingent liability that may increase the net debt ofthe Province or that incrementally increases financial risk to theProvince, including a guarantee, an indemnity and a comfort letter,

incurred by a member of the Government Reporting Entity in favour of athird party that in total cannot be accommodated in the existing appropria-tion or other authority of the member;

(u) “operating obligation” means a commitment between anappropriated entity and a third party that establishes expenses for a futurefiscal year, including an operating lease and a fee for service contract;

(v) “Province” means Her Majesty in right of the Province ofNova Scotia;

(w) “Public Accounts” means the consolidated financial state-ments referred to in Section 58;

(x) “public debt” means all outstanding borrowing made pursuantto this Act or made before the coming into force of this Act;

(y) “Public Debt Management Fund” means the fund continuedpursuant to this Act;

(z) “public money” means all money belonging or payable to, orreceived, collected or held by, for or on behalf of, the Province, and includesrevenue of the Government Reporting Entity and money raised on the creditof the Province, but excludes trust funds;

(aa) “securities” includes bonds, notes, deposit certificates, non-interest bearing certificates, debentures, treasury bills, treasury notes, com-mercial paper or other evidences of indebtedness, shares and stock and anydocuments commonly known as securities;

(ab) “sinking fund” means assets and their earnings to be used forthe retirement of public debt, and includes the Public Debt ManagementFund;

(ac) “special purpose fund” means public money designated by theMinister as a special purpose fund in accordance with this Act;

(ad) “trust fund” means money set aside as a trust for the benefit ofa third party and held by the Province separate and apart from the General

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Revenue Fund, and includes the Public Service Superannuation Fund. 2010,c. 2, s. 2; 2014, c. 34, s. 8.

APPLICATION AND PRINCIPLES

Effect of designation or authorization3 Where a power to designate a person or to authorize a person to do an

act or thing is given under this Act, the designation or authorization may be by theperson’s name, title or office, and, where a title or office is designated or authorized,the designation or authorization applies to every person holding the office orappointed to that title or office while that person holds that title or office. 2010, c. 2,s. 3.

Conflict4 Where there is a conflict between this Act and any other Act of the

Legislature, this Act prevails unless the other Act provides that the other Act or aprovision of it applies notwithstanding this Act. 2010, c. 2, s. 4.

Responsible fiscal management5 (1) The Province shall pursue its policy objectives in accordance

with the principles of responsible fiscal management.

(2) The principles of responsible fiscal management include

(a) achieving and maintaining Provincial net debt at pru-dent levels, taking into consideration its impact on the sustainabilityof government programs and services for future years;

(b) managing prudently the fiscal and financial risks fac-ing the Province;

(c) managing the financial investment portfolios of theProvince in a sound and efficient manner;

(d) pursuing policies that are consistent with achieving areasonable degree of predictability about the level and stability of taxrates, programs and services for future years; and

(e) maintaining a fiscal decision-making system that isrational, fair, efficient, credible, transparent and accountable. 2010,c. 2, s. 5.

ORGANIZATION

Seal6 (1) The Governor in Council may authorize a seal for the Depart-

ment and may modify the seal and prescribe its use on documents.

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(2) The seal may be reproduced by engraving, printing, electronicreproduction or any other method of reproduction and, when so reproduced, has thesame force and effect as if it were manually affixed. 2010, c. 2, s. 6.

Minister responsible for Act7 (1) The Minister is responsible for the management and adminis-

tration of this Act.

(2) The Minister may issue directives as the Minister considersnecessary with respect to the authority given to the Minister by this Act. 2010, c. 2,s. 7.

Minister may delegate8 (1) The Minister may, in writing, in a general or particular case,

delegate to any employee of the Department any duty, act or function that the Min-ister is required or permitted to do pursuant to Section 19, 36, 37, 38, 45 or 49 or byorder of the Governor in Council.

(2) An act or thing done or document or instrument executed orsigned pursuant to an authorization given pursuant to this Section has the sameeffect as if the act or thing were done or the document or instrument were executedor signed by the Minister. 2010, c. 2, s. 8.

Trust fund9 (1) No trust fund may be created using public money without the

approval of the Minister.

(2) The Minister has oversight of the creation of any trust fundestablished using public money.

(3) Where the Minister is the trustee of a trust fund, and there areno terms and conditions specifying how the trust fund is to be invested, the Ministermay invest trust funds as set out in this Act. 2010, c. 2, s. 9.

Special purpose fund10 The Minister may, with approval of Governor in Council, designate

any money or fund as a special purpose fund and has oversight of the setting of theterms and conditions of the special purpose fund, including which minister hasongoing responsibility for the special purpose fund. 2010, c. 2, s. 10.

Financial management and General Revenue Fund11 (1) The Minister has responsibility for the financial management

of the General Revenue Fund and related activities including

(a) the establishment of aggregate-expense and capital-expenditure targets and borrowing requirements as the Minister con-siders necessary for the Province’s financial planning;

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(b) the monitoring of appropriations against actualexpenses, prospective capital expenditures and other contractual obli-gations and revenues throughout the fiscal year;

(c) the establishment of the consolidated fiscal plan andaccounting policies for use in financial administration;

(d) the monitoring of the financial management systems ofdepartments to ensure that they are consistent with the Province’sfinancial management processes;

(e) notwithstanding any other enactment, the developmentand implementation of financial management systems for depart-ments if necessary; and

(f) investigation of any matter relating to the receipt anddisbursement of public money.

(2) The Minister shall act generally with a view to promotingeconomy, efficiency and cost effectiveness in the public service.

(3) The Minister shall act upon any matter relating to the financialmanagement of the General Revenue Fund as may be referred to the Minister by theGovernor in Council.

(4) The Minister shall determine financial accountability rulesand establish financial performance measurements that shall be reported upon bythe departments as directed by the Minister and used to assess the on-going finan-cial management of departments. 2010, c. 2, s. 11.

Deputy Minister12 (1) Under the direction of the Minister, the Deputy Minister shall

(a) supervise the administration and management of theDepartment; and

(b) perform such duties as the Minister assigns to the Dep-uty Minister.

(2) The Deputy Minister is entitled to require and receive from amember of the Government Reporting Entity such information and explanations asthe Deputy Minister considers necessary for the proper performance of the DeputyMinister’s duties and has free access, at all times, to the books of account and otherdocuments relating to the accounts of any member of the Government ReportingEntity.

(3) The Deputy Minister shall determine the method of keepingall accounts of the Province and the selection of the books of accounts and the formsused therein. 2010, c. 2, s. 12.

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PUBLIC MONEY – RECEIPTS, REMISSIONS AND INVESTMENTS

Deposits, expenditures and accounts13 (1) All money received by the Minister must be deposited to the

credit of the Minister in the General Revenue Fund or the appropriate trust fund.

(2) Except as otherwise provided, where any expenditure ofmoney or incurrence of an expense is authorized by an Act of the Legislature, suchexpenditure of money or incurrence of an expense may be charged to or made fromthe General Revenue Fund.

(3) The Minister shall establish accounts with such banks as theMinister designates for the deposit of public money. 2010, c. 2, s. 13.

Duty of person receiving public money14 Every person employed in the collection or management or charged

with the receipt of public money shall

(a) deposit it to the credit of the account of the Province at suchplaces, in such manner and at such times as the Deputy Minister directs;

(b) keep a record of receipts and deposits thereof in such formand manner as the Deputy Minister directs; and

(c) account for the public money in such manner and at suchtimes as the Deputy Minister directs. 2010, c. 2, s. 14.

Interest on debt owed to Province15 (1) Where no provision is made in an enactment or agreement

respecting the payment of interest on any receivables and debts due to the Province,interest is payable, commencing on the thirtieth day after the receivable or debt isdue and owing, at the prime rate for Canadian-dollar commercial loans in Canadaplus three per cent, compounded monthly.

(2) The interest rate referred to in subsection (1) must be deter-mined quarterly on the first day of January, the first day of April, the first day ofJuly and the first day of October of each year.

(3) Notwithstanding subsection (1), the Minister may waive thepayment of interest or prescribe a lower rate of interest than that referred to in sub-section (1). 2010, c. 2, s. 15.

Government Reporting Entity sale of real property16 Where a member of the Government Reporting Entity sells real prop-

erty for monetary consideration, the net monetary proceeds of the sale must, not-withstanding any enactment, be deposited into the General Revenue Fund. 2010, c. 2,s. 16.

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Remission of tax, penalty or other debts17 (1) The Governor in Council may remit any tax or penalty,

including any interest paid or payable thereon, if the Governor in Council considersthat the collection of the tax or the enforcement of the penalty is unreasonable orunjust or that it is otherwise in the public interest to remit the tax or penalty.

(2) Notwithstanding subsection (1), the Minister may remit anytax or penalty, including any interest paid or payable thereon, if the amount of thetax or penalty is in the aggregate, ten thousand dollars or less per person and theMinister considers that the collection of the tax or the enforcement of the penalty isunreasonable or unjust or that it is otherwise in the public interest to remit the tax orpenalty.

(3) The Governor in Council may remit any other debt notreferred to in subsection (1), including any interest paid or payable thereon, if theGovernor in Council considers that the collection of the other debt is unreasonableor unjust or that it is otherwise in the public interest to remit the other debt.

(4) A remission pursuant to this Section may be total or partial orconditional or unconditional and may be granted

(a) before, after or pending any suit or proceeding for therecovery of the tax, penalty or other debt in respect of which theremission is granted; and

(b) with respect to a tax or other debt, in any particularcase or class of cases and before the liability for it arises.

(5) A remission pursuant to this Section may be granted by

(a) forbearing to institute a suit or proceeding for therecovery of the tax, penalty or other debt in respect of which theremission is granted;

(b) delaying, staying or discontinuing any suit or proceed-ing already instituted;

(c) forbearing to enforce, staying or abandoning executionor process on any judgment;

(d) the entry of satisfaction on any judgment; or

(e) repaying any sum of money paid to or recovered by theMinister for the tax, penalty or other debt.

(6) Where a remission is granted pursuant to this Section subjectto a condition and the condition is not fulfilled, the tax, penalty or other debt may beenforced, or all proceedings may be had, as if there had been no remission.

(7) A conditional remission, on fulfilment of the condition, andan unconditional remission have effect as if the remission were made after the tax,

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penalty or other debt in respect of which it was granted had been sued for and recov-ered.

(8) Where a penalty imposed by any law relating to amountsowed to the Province has been wholly and unconditionally remitted pursuant to thisSection, the remission has the effect of a pardon for the offence for which the pen-alty was incurred, and thereafter the offence has no legal effect prejudicial to theperson to whom the remission was granted. 2010, c. 2, s. 17.

Source of payment of remissions and reporting18 Remissions granted pursuant to this Act may be paid out of the Gen-

eral Revenue Fund and must be reported in the Public Accounts for the fiscal year itis paid in such form as the Minister may direct. 2010, c. 2, s. 18.

Investment of moneys of the General Revenue Fund and trust funds19 (1) Subject to the regulations, the Minister may invest moneys of

the General Revenue Fund, and any trust funds for which no investment provisionhas otherwise been made, in accordance with this Section.

(2) Subject to the regulations, the Minister shall, for the soundand efficient management of the General Revenue Fund and any trust funds referredto in subsection (1), establish and adhere to investment policies, standards and pro-cedures that a reasonable and prudent person would apply in respect of a portfolioof investments and loans to avoid undue risk of loss and to obtain a reasonablereturn. 2010, c. 2, s. 19.

CONTROL OF PUBLIC MONEY

Condition of payment from General Revenue Fund20 No payment out of the General Revenue Fund may be made except

under the authority of an Act of the Legislature. 2010, c. 2, s. 20.

Control of issue of money from General Revenue Fund21 (1) The Deputy Minister has the direction and control of all issues

of public money out of the General Revenue Fund.

(2) When it becomes apparent to the minister responsible for anappropriated entity that spending authority is insufficient to carry on the operationsof the appropriated entity, that minister shall notify the Deputy Minister in writingof that fact and that minister shall not permit the entering into of any new contrac-tual obligation or other commitment without additional spending authority.

(3) The Deputy Minister, or an employee of the Department des-ignated by the Deputy Minister, shall ensure that there is sufficient spending author-ity available for the specified purpose before the issue of public money out of theGeneral Revenue Fund.

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(4) The Deputy Minister may direct to which appropriation,account or classification any revenue, expense or capital expenditure must becharged.

(5) Subject to subsection (6), the Deputy Minister may requirethat certain documents, certified in such manner as the Deputy Minister sees fit,accompany any request for an issue of public money out of the General RevenueFund.

(6) The Deputy Minister shall not authorize a payment out of theGeneral Revenue Fund until the Deputy Minister is satisfied that the proposed pay-ment has been examined and certified by the head of the applicable appropriatedentity, or by some authorized official of such entity, and the request for payment socertified must be retained by the applicable appropriated entity as a document forsuch payment. 2010, c. 2, s. 21.

Governor in Council may authorize and require payments22 Where

(a) any sum of money is directed by the judgment of a court ofcompetent jurisdiction or the award of arbitrators having authority or otherlawful authority to be paid by the Province;

(b) no appropriation has been made for it; and

(c) there is no other legislative authority for the payment of thesum,

the Governor in Council may, notwithstanding Section 20, authorize and require theMinister to pay the sum out of the General Revenue Fund. 2010, c. 2, s. 22.

Accountable advance23 (1) On the application of the head or deputy head of a department,

the Minister may authorize an accountable advance to public servants out of theGeneral Revenue Fund for the purpose of making a disbursement for moving ortraining expenses or other contingencies or of making payment on account ofexpenses to be incurred.

(2) An advance to public servants for which an accounting hasnot been made at the termination of the fiscal year in which it was made must beaccounted for or repaid within such time as may be determined by the Minister inany particular case. 2010, c. 2, s. 23.

Settlement of claim by or against Province24 (1) Where a person has an obligation or debt due to the Province

or the Province has a claim against a person, the Governor in Council may, subjectto any other Act affecting such obligation, debt or claim, direct the Minister tonegotiate and accept a settlement in payment and satisfaction of such obligation,debt or claim, or to determine that any such obligation, debt or claim is not collecta-

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2010, c. 2 finance 13

ble, write off any loss incurred in any such settlement or determination and charge itto the General Revenue Fund.

(2) Where the Province has an obligation or debt to a person or aperson has a claim against the Province, the Attorney General may, subject to anyother Act affecting such obligation, debt or claim, negotiate and make a settlementin payment and satisfaction of such obligation, debt or claim and the Minister maycharge any payment made to effect the same to the General Revenue Fund. 2010, c. 2,s. 24.

Guarantee25 Where by or under an Act of the Legislature a guarantee has been

given by or on behalf of the Province for the payment of a debt or obligation, anyamount required to be paid by the terms of the guarantee may, subject to the Actauthorizing the guarantee, be paid out of the General Revenue Fund. 2010, c. 2, s. 25.

Payment of expenditure pending appropriation26 (1) After the end of a fiscal year, and subject to any restriction

imposed by the Governor in Council, pending the granting of appropriations for thethen current fiscal year by the Legislature, the expenditure of money or the incur-rence of expenses corresponding to each of the appropriations set out in the Appro-priations Act for the immediately preceding fiscal year is deemed to be authorized if

(a) such authority is limited to fifty per cent of the previ-ous year’s appropriation; and

(b) the program or activity for which the authority isrequired is considered by the head of the appropriated entity to beordinary and usual.

(2) Where it becomes apparent to the head of the appropriatedentity that the authority under subsection (1) will be exhausted before the grantingof appropriations for the then current fiscal year by the Legislature, a special war-rant pursuant to this Act must be requested.

(3) All expenditures of money and expenses incurred underauthority of this Section must be included in the appropriations contained in theimmediately following Appropriations Act. 2010, c. 2, s. 26.

Additional appropriation27 (1) An additional appropriation must be obtained when it

becomes apparent to the head of an appropriated entity that its appropriation for thefiscal year is insufficient to carry out the purpose of the appropriation.

(2) Where it has been determined that an additional appropriationis required, the head of the appropriated entity shall submit a report of that fact tothe Minister and shall in such report estimate the additional amount required tocarry out the program or activity.

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(3) Upon receipt of a report pursuant to subsection (2), the Minis-ter may make a report to the Governor in Council showing the need for the addi-tional appropriation and the Governor in Council may order that such additionalamount as the Governor in Council considers necessary be authorized accordingly.

(4) An additional appropriation must not be requested and maynot be made for a new program or activity that has not previously been included inthe Estimates for a fiscal year.

(5) The Minister shall, within fifteen days of the obtaining of anorder in council pursuant to subsection (3), table the order in the House of Assem-bly if the House is then sitting or, if it is not then sitting, file the order with the Clerkof the Assembly. 2010, c. 2, s. 27.

Final appropriation 28 (1) A final additional appropriation for year end adjustments must

be requested by the head of an appropriated entity to the Minister when it has beendetermined that the entity’s appropriation and any additional appropriationsreceived by it are insufficient.

(2) The head of the appropriated entity shall submit a report ofthat fact to the Minister and shall report the additional amount required.

(3) Upon receipt of a report pursuant to subsection (2), the Minis-ter may make a report to the Governor in Council showing the need for the finaladditional appropriation and the Governor in Council may order that such additionalamount as the Governor in Council considers necessary be authorized accordingly.

(4) The Minister’s report under subsection (3) must be made toGovernor in Council no later than fifteen days after the date of the tabling of thePublic Accounts.

(5) The Minister shall, within fifteen days of the obtaining of anorder in council pursuant to subsection (3), table the order in the House of Assem-bly if the House is then sitting or, if it is not then sitting, file the order with the Clerkof the Assembly. 2010, c. 2, s. 28.

Special warrant29 (1) A special warrant may only be requested by the head of an

appropriated entity when it appears that the expenditure of money or the incurrenceof an expense is urgently and immediately required for the public good and either

(a) was not provided for by the Legislature in the Appro-priations Act, and is a new program or activity for which funds havenot previously been provided; or

(b) the authority for such expenditure or expense underSection 26 will be exhausted before the granting of appropriations forthe then current fiscal year by the Legislature.

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(2) A request pursuant to subsection (1) must include a report tothe Minister estimating the amount of the necessary expenditure or expense.

(3) Upon receipt of such report, the Minister may make a report tothe Governor in Council that the expenditure or expense is in accordance with sub-section (1), and the Governor in Council may issue a special warrant authorizing theexpenditure or expense to be charged to the General Revenue Fund.

(4) A special warrant pursuant to this Section may not be issuedwhen the Legislature is in session unless the House of Assembly has not sat for anyof the five days immediately preceding the issue of the special warrant. 2010, c. 2,s. 29.

Suspension of right to commit30 Upon the recommendation of the Minister, the Governor in Council

may order the suspension for such period as the Minister deems fit of the right tocommit any appropriation or part thereof except the salaries, wages and expenses ofmembers of the public service or the indemnities, salaries and expenses paid pursu-ant to the Executive Council Act or the House of Assembly Act. 2010, c. 2, s. 30.

BORROWING AND LIABILITIES

Authorized only31 No money may be borrowed by a member of the Government

Reporting Entity except as authorized by this Act, an Appropriations Act or anotherAct of the Legislature. 2010, c. 2, s. 31.

Powers of Minister32 The Minister may do, or authorize any person to do, all acts, matters

and things relating to any borrowing as the Minister considers necessary to complywith the laws of any national or subnational jurisdiction. 2010, c. 2, s. 32.

Claim on General Revenue Fund33 All borrowing contracted by the Province under Sections 36 and 37

and the interest and other charges in respect of such borrowing are a claim on theGeneral Revenue Fund. 2010, c. 2, s. 33.

Deposit of proceeds34 The proceeds of all borrowing must be deposited by the Minister to

the General Revenue Fund. 2010, c. 2, s. 34.

Annual borrowing plan35 (1) An annual borrowing plan must be prepared by the Minister

and submitted to Governor in Council for approval at least once in each fiscal year.

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16 finance 2010, c. 2

(2) The annual borrowing plan must be an estimate of theamounts to be raised under Section 36 in that fiscal year.

(3) No borrowing may be concluded by the Minister under Sec-tion 36 unless in accordance with the then current annual borrowing plan. 2010, c. 2,s. 35.

Term greater than three hundred and sixty-five days36 (1) Where an Appropriations Act gives authority to the Minister

to borrow any sum of money by any means and from any source, for a term greaterthan three hundred and sixty-five days, the Minister may borrow such sum, in wholeor in part, by any means, from any source and on such terms as the Minister deter-mines from time to time.

(2) The bonds, debentures and other securities of the Province aresubject to any provisions as to the registration, transfer and management thereof asthe Minister may prescribe, including registration and transfer in a register kept inCanada or in any foreign country at such places and by such banks, officers or per-sons as the Minister may prescribe. 2010, c. 2, s. 36.

Term three hundred and sixty-five or fewer days37 The Minister may borrow from time to time, by any means and from

any source, for a term of three hundred and sixty-five or fewer days, any sum ofmoney as the Minister considers necessary for the immediate and short-term needsof the Province, and such sums may be borrowed on terms as the Minister deter-mines from time to time. 2010, c. 2, s. 37.

Seal not required38 Notwithstanding any other enactment, the Minister may with or with-

out the seal of the Department execute any documents as the Minister considersnecessary to secure borrowing authorized by any enactment. 2010, c. 2, s. 38.

Minister determines form of securities39 The Minister may provide for the form and manner of executing

securities with or without the seal of the Department, and that any signature uponsecurities and the coupons attached thereto or upon either of them may be printed orotherwise reproduced. 2010, c. 2, s. 39.

Absolute holder of security40 The Province, or any officer or agent of the Province, is entitled to

treat the registered holder of any security as the absolute holder thereof and is notbound to recognize any equitable or other claim to or interest in any security or to besatisfied with respect to the execution of any trust expressed or implied to whichsuch security may be subject. 2010, c. 2, s. 40.

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2010, c. 2 finance 17

Registration of securities41 The Governor in Council may designate one or more persons to per-

form such services in respect of the registration of securities as the Governor inCouncil prescribes. 2010, c. 2, s. 41.

Recital by Minister is authority42 A recital or declaration by the Minister as to available borrowing

authority is conclusive evidence of that authority. 2010, c. 2, s. 42.

Borrowing in foreign currency43 (1) Where authority is given to borrow money under Sections 36

and 37, that authority authorizes the borrowing of an equivalent amount in the cur-rency of any country other than Canada.

(2) Where a borrowing takes place in accordance with subsection(1), the equivalent amount of the currency of a country other than Canada in Cana-dian dollars must be calculated in accordance with the nominal rate of exchangebetween the Canadian dollar and the currency concerned as quoted by the Bank ofCanada at its closing on the business day on which the borrowing was executed or,where such rate is not available, the immediately preceding day for which the Bankof Canada provided the relevant exchange rate.

(3) The Minister may appoint one or more resident agents in anynational or subnational jurisdiction, and may grant to such agent or agents the pow-ers, rights and authorities as may be required in connection with the sale of a loan orthe issue, registration, transfer or sale of any securities. 2010, c. 2, s. 43.

Reduction in foreign currency borrowings44 (1) Unless the foreign currency exposure of the public debt is less

than twenty per cent, no further transactions that increase foreign currency exposuremay be executed.

(2) No borrowing in a foreign currency may be executed thatcause the foreign currency exposure of the public debt to exceed twenty per cent.2010, c. 2, s. 44.

Redemption and purchase of securities45 (1) Where not otherwise authorized in accordance with the bor-

rowing’s terms, the Governor in Council may authorize the Minister to redeem inadvance of maturity, purchase, pay, refund or renew the whole or any part of anissue of securities of the Province.

(2) Where the Governor in Council has authorized the Minister toredeem in advance of maturity, purchase, pay, refund or renew the whole or any partof an issue of securities of the Province, the Governor in Council may authorize theMinister to

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18 finance 2010, c. 2

(a) borrow any money necessary for those purposes or anyone of them; or

(b) issue securities of the Province in exchange for, substi-tution or renewal of the original securities.

(3) Where a security of the Province has been acquired pursuantto this Section or through investment in a sinking fund or investment fund, the secu-rity may be cancelled and, in that case, may not be reissued and the obligation of theProvince under it is extinguished.

(4) This Section does not authorize the Governor in Council orthe Minister to require the surrender or sale of any security otherwise than inaccordance with its terms.

(5) Within twenty days after the commencement of every sessionof the House of Assembly, the Minister shall lay before the House a report settingout particulars of all acts done by the Minister under the authority of this Sectionsince the date of the Minister’s last report. 2010, c. 2, s. 45.

Guarantees46 (1) Where, pursuant to any Act, the Province has guaranteed the

payment of any debt or obligation, the Minister may borrow such amount as is nec-essary to discharge the liability resulting from the guarantee and such borrowingmay be in addition to the limit set out in the annual borrowing plan referred to inSection 35.

(2) Where in any Act of the Legislature a member of the Govern-ment Reporting Entity is authorized or empowered to make a loan or give financialassistance to any person, the member of the Government Reporting Entity may, inlieu of the exercise of the authority or power, guarantee the repayment of any loanmade or financial assistance given to the person. 2010, c. 2, s. 46.

Destruction of Provincial bonds47 The Minister may, from time to time, after the date of payment or

cancellation, authorize the destruction of bonds, debentures, coupons, treasury billsor other securities of the Province. 2010, c. 2, s. 47.

Loss of securities48 In the event of the loss of any securities or interest coupons thereon

by a holder thereof, the Minister may pay the amount thereof out of the GeneralRevenue Fund and may require an indemnity against loss in respect of such pay-ment and such other documents as the Minister considers necessary. 2010, c. 2, s. 48.

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2010, c. 2 finance 19

Agreements to manage risk49 The Minister may enter into agreements to use financial products to

manage risks in relation to the borrowing, lending or investing of public money,including

(a) using financial products to change interest rates from fixedrates to floating rates or floating rates to fixed rates;

(b) exchanging foreign currencies to Canadian dollars orexchanging Canadian dollars to foreign currencies; and

(c) exchanging any foreign currency for another foreign currency.2010, c. 2, s. 49.

Sinking funds50 The Governor in Council may provide for the creation, maintenance

and management of sinking funds. 2010, c. 2, s. 50.

Public Debt Management Fund51 (1) The Public Debt Management Fund is continued for the pur-

chase or sale of securities by the Minister for the sound and efficient management ofthe public debt.

(2) The Governor in Council may, from time to time, direct theMinister to pay into the Public Debt Management Fund such sums as the Governorin Council considers necessary.

(3) The Minister may pay out of the Public Debt ManagementFund such sums as the Minister considers necessary to pay or retire debentures,securities or other debt instruments of the Province. 2010, c. 2, s. 51.

Government Reporting Entity52 Notwithstanding any other enactment, but subject to Section 72, no

member of the Government Reporting Entity may mortgage, pledge, charge, or oth-erwise create a security interest in any asset or undertaking, present or after-acquired, of the Government Reporting Entity, except upon such terms and condi-tions as are approved by the Governor in Council upon the recommendation of theMinister. 2010, c. 2, s. 52.

Where loan authorization not required53 Where the Governor in Council has authorized a loan and it subse-

quently is established that the whole or part of the loan authorization is not requiredfor the purpose for which it was authorized, the Minister may cancel the whole orthe part of the loan authorization not required. 2010, c. 2, s. 53.

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20 finance 2010, c. 2

ESTIMATES, PUBLIC ACCOUNTS AND REPORTING

Estimates54 (1) The Minister shall, at least annually, examine, advise upon

and compile the Estimates.

(2) The Estimates must contain

(a) the proposed appropriations that are to be voted on bythe House of Assembly and will form the basis of the subsequentAppropriations Act; and

(b) any other amounts permitted or required to be paid outof the General Revenue Fund pursuant to this or any other Act thatare not required to be voted on by the House of Assembly.

(3) The Estimates must be prepared under the direction of theDeputy Minister. 2010, c. 2, s. 54.

Province’s business plan55 The Minister shall, at the time the Minister tables the Estimates for a

fiscal year in the House of Assembly, table the Province’s business plan and, as theMinister considers appropriate, business plans that have been prepared by any mem-ber of the Government Reporting Entity. 2010, c. 2, s. 55.

Consolidated fiscal plan56 (1) The Minister shall prepare a four-year consolidated fiscal plan

for the Province.

(2) The Minister shall table the consolidated fiscal plan in accord-ance with subsection (1) at the time the Minister tables the Estimates for a fiscalyear in the House of Assembly.

(3) The consolidated fiscal plan must include

(a) fiscal projections for the four-year period;

(b) the major economic assumptions the Minister made inpreparing the plan, including the effect that changes in the assump-tions may have on the finances of the Province in the fiscal period towhich the plan relates; and

(c) such other information as the Minister considersappropriate. 2010, c. 2, s. 56.

Financial reports on state of public finances57 (1) The Minister shall submit financial reports on the state of the

public finances for a fiscal year to the House of Assembly in accordance with thefollowing schedule:

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2010, c. 2 finance 21

(a) on or before September 30th of the fiscal year to whichthe report relates;

(b) on or before December 31st of the fiscal year to whichthe report relates;

(c) as part of the Estimates tabled in the House of Assem-bly for the following fiscal year; and

(d) as part of the Public Accounts prepared respecting thefiscal year.

(2) The Minister shall table the reports referred to in subsection(1) in the House of Assembly if the Assembly is then sitting or, if it is not then sit-ting, with the Clerk of the Assembly. 2010, c. 2, s. 57.

Public Accounts58 (1) The Deputy Minister shall prepare for each fiscal year consol-

idated financial statements called the “Public Accounts”, as soon as practicable afterthe end of the fiscal year and shall submit them to the Minister.

(2) The Public Accounts must show for the Government Report-ing Entity

(a) a statement of financial position;

(b) a statement of operations and accumulated surpluses ordeficits;

(c) a statement of change in net debt;

(d) a statement of cash flow;

(e) the amounts authorized by the Governor in Councilunder Sections 27 and 29, together with the order in council numberproviding each amount and the appropriated entity to which theamounts were provided; and

(f) such other statements, supporting schedules and notesconsidered appropriate by the Deputy Minister.

(3) The Public Accounts must show for the General RevenueFund such further details with respect to expenses as are prescribed by the regula-tions.

(4) The information to be included in the Public Accounts mustbe provided to the Deputy Minister by all members of the Government ReportingEntity. 2010, c. 2, s. 58.

Minister to file Public Accounts59 (1) The Minister shall table the Public Accounts in the House of

Assembly not later than September 30th following the end of the fiscal year to

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22 finance 2010, c. 2

which the Public Accounts relate or, if the House of Assembly is not sitting, file thePublic Accounts with the Clerk of the Assembly.

(2) Where a deficit has occurred, the Minister shall table, as partof the Public Accounts, a report setting out the amount of the deficit and the reasonswhy it occurred. 2010, c. 2, s. 59.

Accountability report60 (1) The Minister shall prepare an accountability report approved

by the Treasury Board for each fiscal year.

(2) The report prepared pursuant to subsection (1) must include

(a) information that shows outcomes against the businessplan for that fiscal year; and

(b) any other information the Minister considers appropri-ate.

(3) The Minister shall table the report prepared pursuant to sub-section (1) in the House of Assembly not later than December 31st following theend of the fiscal year to which the report relates and, if the House is not sitting, theMinister shall file the report with the Clerk of the Assembly. 2010, c. 2, s. 60.

Minister’s discretion61 Unless otherwise specified, reporting requirements set out in this Act

must be done in such manner and at such time as the Minister directs. 2010, c. 2, s. 61.

ACCOUNTING FOR PUBLIC MONEY

Accounting system62 The Minister shall maintain an accounting system to show

(a) the current state of the General Revenue Fund;

(b) revenues, expenses and expenditures of the General RevenueFund for each fiscal year;

(c) contractual obligations of the current fiscal year chargeableagainst each appropriation; and

(d) appropriations and any additional spending authorities foreach fiscal year. 2010, c. 2, s. 62.

Notice and certificate for default63 (1) Where the Minister has reason to believe that a person

(a) has received public money and has not paid it over;

(b) has received public money for which the person isaccountable and has not accounted for it; or

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2010, c. 2 finance 23

(c) has in the person’s possession or control any publicmoney applicable to a purpose and has not applied it to that purpose,

the Minister may give notice to that person or, in the case of that person’s death, tothat person’s personal representative, requiring payment over, accounting for orapplication of the money and to provide to the Minister satisfactory evidence thatthe person has complied with the terms of the notice.

(2) When default is made in the payment, accounting or applica-tion of public money by any person, the Minister may issue a certificate stating theamount so due, the amount remaining unpaid, including interest on the amount duein accordance with subsection 15(1) from the date of the notice given under subsec-tion (1), and the name of the person by whom it is payable, and may file the certifi-cate with any prothonotary of the Supreme Court of Nova Scotia or a clerk of thatCourt and, when so filed, the certificate is of the same force and effect, and all pro-ceedings may be taken on it, as if it were a judgment of the Court for the recovery ofa debt of the amount stated in the certificate against the person named in it. 2010, c. 2,s. 63.

Affidavit is evidence64 Where it appears to the Minister

(a) by the books or accounts kept by or in the office of any personemployed in the collection or management of public money;

(b) in any accounting by that person; or

(c) by that person’s written acknowledgement or confession,

that that person has, by virtue of that person’s office or employment, received publicmoney and has neglected or refused to pay it over to the proper persons at the propertimes, an affidavit deposing to these facts made by any person having knowledge ofthem, is, in any proceedings for the recovery of the money, admissible as evidenceof the facts stated in the affidavit. 2010, c. 2, s. 64.

Set-off by Province of debt65 (1) Where, in the opinion of the Minister, a person is indebted to

the Province, including as a result of an overpayment, in any specific sum of money,the Minister may retain by way of deduction or set-off the amount of the indebted-ness out of any sum of money that is or may be due and payable by the Province tothe person.

(2) Where the Province owes money to a person and the person isdirected by the judgment of a court of competent jurisdiction or an official demandmade pursuant to law to pay to the Government of Canada a sum of money, theMinister may retain and pay to the Government of Canada that sum by way ofdeduction or set-off out of any sum that is or may be due and payable by the Prov-ince to that person. 2010, c. 2, s. 65.

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Ownership of records of public money66 All books, papers, accounts and documents kept or used by or

received or taken into the possession of any person who is or has been retained oremployed in connection with the collection, management, disbursement or account-ing of public money, by virtue of that retention or employment, belong to the Prov-ince. 2010, c. 2, s. 66.

Remedy unaffected67 Nothing in this Act affects any remedy that the Province, by virtue of

any other Act or law, has for recovering or enforcing the payment or delivering ofany money or property belonging to the Province and in the possession of any per-son or any remedy that the Province or any person has against such person or hissureties or against any other person. 2010, c. 2, s. 67.

GOVERNMENT REPORTING ENTITY

New members68 (1) Subject to an Act of the Legislature, no new member of the

Government Reporting Entity may be created without the approval of the Minister.

(2) The Minister has oversight of the creation of any new memberof the Government Reporting Entity. 2010, c. 2, s. 68.

GOVERNMENT BUSINESS ENTERPRISES,GOVERNMENTAL UNITS AND CROWN CORPORATIONS

Reporting requirements69 (1) Each member of the government business enterprise and gov-

ernmental unit, shall provide to the minister responsible for it

(a) annually, a budget;

(b) annually, where directed by the minister responsible orwhere required under any Act, a business plan and an accountabilityreport;

(c) no later than June 30th in each year, audited financialstatements for the fiscal year just ended; and

(d) monthly, a forecast update detailing the financial per-formance of the government business enterprise or governmental unitas compared to the budget referred to in clause (a).

(2) Unless specified in subsection (1), the timing of submission ofthose reports may be directed by the Minister.

(3) Each government business enterprise and governmental unitshall provide to the Minister

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2010, c. 2 finance 25

(a) no later than June 30th in each year, a copy of itsaudited financial statements for the fiscal year just ended; and

(b) such other information or reports as the Minister mayrequire in connection with this Act. 2010, c. 2, s. 69.

Financial management system70 (1) A government business enterprise or governmental unit shall

submit for the Minister’s approval any proposed financial management system to beused in the ongoing financial management or operation of the government businessenterprise or governmental unit.

(2) A government business enterprise or governmental unit shallnot acquire or implement any financial management system unless it has firstreceived the Minister’s written approval.

(3) The Minister may prescribe the financial accounting policiesand procedures for a government business enterprise or a governmental unit. 2010,c. 2, s. 70.

Crown corporation status71 (1) The Governor in Council may by order in council confer the

status of a crown corporation under this Act with respect to any body corporatemeeting the following requirements:

(a) the Governor in Council is entitled to appoint andremove at least a majority of its directors;

(b) at least ninety per cent of its outstanding voting sharesare owned beneficially by one or more or any combination of theProvince and other crown corporations; or

(c) outstanding shares in its capital stock carrying at leasta majority of the votes entitled to be cast at a shareholders meetingare owned beneficially by one or more or any combination of theProvince and other crown corporations.

(2) Crown corporation status conferred under the former Act iscontinued.

(3) The Governor in Council may in its discretion at any timerevoke the status of a crown corporation conferred under subsection (1) or contin-ued under subsection (2). 2010, c. 2, s. 71.

Power and capacity72 (1) Subject to the approval of the Minister, a crown corporation

has the legal power and capacity

(a) to borrow money, in any form, in or out of Canada onits own credit; and

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26 finance 2010, c. 2

(b) to secure its borrowing, by mortgaging, charging,pledging, or otherwise creating a security interest in any asset orundertaking, present or after-acquired,

but no crown corporation may incur any indebtedness with an initial term greaterthan three hundred sixty-five days, without the approval of the Governor in Council,and the Governor in Council may from time to time by order in council make sub-ject to its approval, or otherwise curtail, the exercise by a crown corporation of anyother power or capacity conferred by this subsection or subsection (2).

(2) A crown corporation has the legal power and capacity toinvest monies, but only in accordance with investment policies, standards and pro-cedures, acceptable to the Minister.

(3) The Province may make loans to any crown corporation.

(4) This Section applies to every crown corporation notwithstand-ing anything to the contrary contained in any other Act or in the memorandum, arti-cles, letters patent, by-laws or other corporate charter or constitution of suchcorporation, but only applies to such corporation while it is a crown corporation.2010, c. 2, s. 72.

Guarantees73 (1) The Province may, on such terms as the Governor in Council

determines, guarantee the payment of any borrowing or other obligation of anycrown corporation.

(2) A crown corporation may, on such terms as the Governor inCouncil determines, guarantee the payment of any borrowing or other obligation ofany crown corporation and may borrow the money necessary to discharge the liabil-ity resulting from any such guarantee. 2010, c. 2, s. 73.

Requests to borrow74 (1) Any government business enterprise or governmental unit

with the authority to borrow may submit to the Minister a request to borrow.

(2) A request to borrow pursuant to subsection (1) must

(a) be in such form and contain information as required bythe Minister;

(b) propose the borrowing on terms that are within itsauthority to borrow and that are satisfactory to the Minister; and

(c) be made by the minister responsible for the govern-ment business enterprise or governmental unit, or a person authorizedin writing by the responsible minister.

(3) Where a government business enterprise or governmental unitsubmits a request under subsection (2), the Minister may, at the Minister’s discre-

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2010, c. 2 finance 27

tion, request approval from the Governor in Council to lend money to the enterpriseor unit.

(4) The Governor in Council may authorize the Minister to lendmoney to a government business enterprise or a governmental unit, stating the max-imum amount and the currency of the money that may be loaned under the authori-zation, and otherwise on terms and conditions as specified by the Governor inCouncil or determined by the Minister.

(5) The Minister may pay out of the General Revenue Fundamounts to be loaned under this Section.

(6) In respect of a loan under this Section, the Minister maycharge such fees as the Minister considers appropriate and may deduct such feesfrom the proceeds of the loan.

(7) The Minister may vary the terms of a loan under this Sectionfrom time to time as the Minister considers necessary, other than the maximumamount and the currency of the loan. 2010, c. 2, s. 74.

AGREEMENTS

Terms75 The Governor in Council may authorize the Minister, on behalf of the

Province or any member of the Government Reporting Entity, to enter into agree-ments with the Government of Canada or any of its corporations, bodies or agenciesconcerning

(a) borrowing;

(b) the guaranteeing of the payment of any obligation;

(c) the transferring of any money;

(d) taxation, fiscal or other monetary or financial matters;

(e) any financial assistance program. 2010, c. 2, s. 75.

FINANCIAL OVERSIGHT AND CONTROL

Prior approval76 (1) Notwithstanding any enactment or power or authority that

authorizes the entering into of a financial transaction, the Governor in Council maymake an order

(a) requiring that a member of the Government ReportingEntity obtain the prior approval of the Governor in Council withrespect to the financial transaction or a class or classes of financialtransactions;

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28 finance 2010, c. 2

(b) respecting any matter deemed necessary or advisableto carry out effectively the intent and purpose of this Section.

(2) Where the Governor in Council requires a member of theGovernment Reporting Entity to obtain its prior approval pursuant to clause (1)(a),that member shall prepare a report and recommendation setting out the terms, con-ditions and rationale for the financial transaction and requesting approval to enterinto the financial transaction and forward its report and recommendation to the Min-ister.

(3) Where the Minister receives a report and recommendationpursuant to subsection (2), the Minister shall provide a report to the Governor inCouncil with respect to the following:

(a) whether the cost of the proposed financial transactionis within the authorized limits for the member of the GovernmentReporting Entity for the fiscal year;

(b) the effect of the proposed financial transaction on theconsolidated financial statements of the Province for the current andfuture fiscal years;

(c) the reasonableness and prudence of the proposedfinancial transaction for the purposes of avoiding undue risk of loss;

(d) such other information as considered appropriate bythe Governor in Council or the Minister.

(4) The Minister shall forward the Minister’s report and the reportand recommendation of the member for the consideration of the Governor in Coun-cil. 2010, c. 2, s. 76.

Report and recommendation77 (1) Notwithstanding any enactment, power or authority, no mem-

ber of the Government Reporting Entity is authorized to enter into a net debt obliga-tion, directly or indirectly, without first forwarding to the Minister

(a) a report and recommendation setting out the terms,conditions and rationale for the net debt obligation and requestingapproval to enter into the net debt obligation; and

(b) any other information the Minister requires to preparethe Minister’s report referred to in subsection (2).

(2) Upon receipt of the report and recommendation, the Ministershall prepare a report on the following:

(a) the monetary limits of the net debt obligation in thecurrent and future fiscal years;

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2010, c. 2 finance 29

(b) the effect of the proposed net debt obligation on theconsolidated financial statements of the Province for the current andfuture fiscal years;

(c) the reasonableness and prudence of the proposed netdebt obligation for the purposes of avoiding undue risk of loss; and

(d) any other information the Minister considers appropri-ate.

(3) The Minister shall, on the basis of the report and recommen-dation referred to in subsection (1),

(a) approve the net debt obligation provided the personauthorized or empowered to enter into the net debt obligation doesnot require the approval of the Governor in Council to do so; or

(b) forward the report and the report and recommendationfor the consideration of the Governor in Council.

(4) The Governor in Council may authorize the entering into ofthe net debt obligation referred to in subsection (1). 2010, c. 2, s. 77.

Treasury Board approval78 Notwithstanding any enactment, power or authority, no appropriated

entity is authorized to enter into an operating obligation, directly or indirectly, with-out first obtaining Treasury Board approval. 2010, c. 2, s. 78.

GENERAL

Construction and maintenance of highways79 Notwithstanding Section 54 or any other enactment, the Estimates

must include, for each fiscal year, an amount respecting the construction and main-tenance of highways that is not less than the total of

(a) all revenues received under Part I of the Revenue Act; and

(b) all fees and fines collected under the Motor Vehicle Act net ofall costs associated with the collection of those fees and fines. 2010, c. 2, s. 79.

Student loans80 (1) The Minister may, subject to the regulations, make loans to

students enrolled in educational programs designated in the manner and on suchterms and conditions as provided by the regulations.

(2) The Minister may pay out of the General Revenue Fundamounts to be loaned pursuant to this Section. 2010, c. 2, s. 80.

Regulations81 (1) The Governor in Council may make regulations

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30 finance 2010, c. 2

(a) prescribing or prohibiting the investment of money andprescribing investments or classes of investments in which suchmoney may be invested for the sound and efficient management ofthe General Revenue Fund and any trust fund;

(b) respecting the annual Public Accounts;

(c) respecting the information required to accompany arequest for authorization to enter into a net debt obligation;

(d) exempting a program, a department, a governmentalunit, a government business enterprise, a financial obligation or aclass or classes of financial obligations from the application of Sec-tion 77;

(e) respecting terms and conditions upon which a pro-gram, a department, a governmental unit, a government businessenterprise, a financial obligation or a class or classes of financial obli-gation may be exempted from the application of Section 77;

(f) respecting any matter the Governor in Council consid-ers necessary or advisable to carry out effectively the intent and pur-pose of Section 79;

(g) designating educational programs that qualify for loansto students;

(h) respecting eligibility requirements for educational pro-grams that qualify for loans to students;

(i) respecting eligibility requirements for students to qual-ify for loans;

(j) respecting the terms and conditions of loans to stu-dents, including the amount of any fee to be charged in respect of theloan, the rate of interest to be charged, the method of calculatinginterest, the terms of repayment and any security required to securethe loan;

(k) defining any word or expression used but not definedin this Act;

(l) the Governor in Council considers necessary or advisa-ble to carry out effectively the intent and purpose of this Act.

(2) The exercise by the Governor in Council of the authority con-tained in subsection (1) is regulations within the meaning of the Regulations Act.2010, c. 2, s. 81.

TRANSITIONAL PROVISIONS

Reference to former Act82 Where there is a reference in an enactment to the former Act, that ref-

erence is to this Act. 2010, c. 2, s. 82.

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2010, c. 2 finance 31

Special fund83 Any “special fund” existing pursuant to the former Act continues as

either a trust fund or special purpose fund, as determined by the Minister. 2010, c. 2,s. 83.

Reference to Consolidated Fund84 Where there is a reference in an enactment to the “Consolidated

Fund”, that reference is to the “General Revenue Fund”. 2010, c. 2, s. 84.

CONSEQUENTIAL AMENDMENTS AND REPEAL

Appropriations Act, 2009 amended85 amendments

Appropriations Act, 2010 amended86 amendments

Auditor General Act amended87 to 92 amendments

Community Colleges Act amended93 to 95 amendments

Crop and Livestock Insurance Act amended96 amendments

Efficiency Corporation Act amended97 and 98 amendments

Endangered Species Act amended99 amendment

Financial Measures (2002) Act amended100 amendment

Forests Act amended101 amendments

Gaming Control Act amended102 and 103 amendments

Halifax-Dartmouth Bridge Commission Act amended104 and 105 amendments

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32 finance 2010, c. 2

Health Services and Insurance Act amended106 amendment

Highway 104 Western Alignment Act amended107 amendments

Homes for Special Care Act amended108 amendment

Hospital Trusts Act amended109 amendments

Liquor Control Act amended110 to 115 amendments

Maritime Provinces Harness Racing Commission Act amended116 amendment

Members and Public Employees Disclosure Act amended117 and 118 amendments

Members’ Retiring Allowances Act amended119 to 131 amendments

Municipal Finance Corporation Act amended132 and 133 amendments

Nova Scotia Agricultural College Act amended134 and 135 amendments

Off-highway Vehicles Act amended136 amendment

Private Career Colleges Regulation Act amended137 and 138 amendments

Property Valuation Services Corporation Act amended139 amendments

Provincial Parks Act amended140 amendments

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2010, c. 2 finance 33

Public Service Act amended141 to 145 amendments

Public Service Superannuation Act amended146 to 154 amendments

Sydney Steel Corporation Sale Act amended155 amendments

Wildlife Act amended156 amendments

Provincial Finance Act repealed157 The former Act is repealed. 2010, c. 2, s. 157.

EFFECTIVE DATE

Coming into force158 This Act has effect on and after August 1, 2010. 2010, c. 2, s. 158.

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